Alimentation Couche-Tard has outlined a new multi-year growth plan that emphasizes its strongest revenue drivers while selectively investing in new platforms designed to support long-term profitability. The company presented its Couche-Tard Core + More strategy to analysts and investors in Toronto on February 11, 2026, positioning the framework as the blueprint for capital allocation and operating priorities through fiscal 2030.
The strategy, described internally as “Amplify the Core and Invest in More,” replaces previous long-term outlooks and reflects what management characterized as a disciplined approach to growth. The plan focuses on strengthening core categories such as fuel, nicotine and beverages while adding new capabilities and revenue streams in areas like food, media, car wash and electric vehicle charging.
“We are pleased to share the next stage of our growth journey. Core + More is a focused strategy that builds on our leadership in core categories while investing in the areas that will position Couche–Tard to win the customer for years to come,” said Alex Miller, President and Chief Executive Officer of Alimentation Couche-Tard. “By enabling it all with the capabilities, technology, data and supply chain that support our stores, we can amplify what we do best for customers today and unlock new growth for tomorrow. This strategy is about turning the full power of our scale, network, and people into greater value for our shareholders, and I’m incredibly proud of the talent and commitment of our team as we begin this next chapter.”
Filipe Da Silva, Chief Financial Officer, added: “We believe we have the right recipe to support profitable growth, with targets that are calibrated, measurable, and well understood across the organization. Our focus remains on consistent operational execution and long-term value creation. Together, Core + More provides a path to support earnings growth and disciplined capital deployment.”
Core Categories Drive the Majority of Revenue
Executives framed the “core” component of the Couche-Tard Core + More strategy as the businesses that generate the bulk of the company’s revenue and profit. These include road transportation fuel, nicotine products and beverages, categories that collectively account for the vast majority of sales and gross profit across the network.
Management emphasized that these areas will remain the primary focus for capital and operational improvements. The company intends to drive same-store performance through merchandising initiatives, operational improvements and targeted programs designed to increase traffic, basket size and margins.
Within nicotine, the company is positioning itself to benefit from shifts in consumer behaviour as the category evolves. Management highlighted the opportunity to capture growth from alternative nicotine formats within regulated environments, which remain key traffic drivers in convenience stores.
Beverages, described internally as “thirst” categories, are also a major focus. Cold and hot drinks continue to generate frequent visits and strong margins, making them a central component of the company’s merchandising strategy.
Fuel remains another cornerstone of the core business. The company said it will continue to manage total fuel gross profit and volumes through supply chain optimization, business-to-consumer and business-to-business offers, and selective network development.
As part of this effort, Couche-Tard is advancing its Fit-to-Serve efficiency program, which is designed to reduce costs and improve operating performance across the organization. The initiative is expected to deliver significant EBITDA contributions by fiscal 2030.
Selective Investment in New Growth Platforms
While the strategy reinforces core categories, the “More” component focuses on selected adjacencies and capabilities intended to drive incremental growth. Management grouped these initiatives under network expansion, new business lines and technology investments.
One of the key priorities is selective site and network expansion. Rather than pursuing large transformative acquisitions, the company said it will focus on organic growth, franchise expansion and targeted purchases of individual locations. The approach reflects a more disciplined capital deployment strategy compared with past periods of large-scale acquisitions.
Food and beverage alcohol represent another area of focus. The company expects food revenue to grow faster than overall merchandise revenue during the outlook period as it expands food offerings across its network.
Couche-Tard is also continuing to invest in complementary services such as car wash formats and electric vehicle charging infrastructure. These services are designed to enhance the value of the retail and fuel network while responding to changes in transportation trends.
The company is also expanding media and digital revenue streams, including its Full Circle Media initiative, which monetizes in-store and digital advertising inventory. Management described this as an incremental income source that leverages the company’s large customer base and physical network.
Technology and data investments are another pillar of the Couche-Tard Core + More strategy. The company plans to continue investing in fiscal 2026 in systems that support store operations, pricing, personalization, supply chain and analytics. The goal is to create a more data-driven operating model across the network.
New Long-Term Financial Guidance Through 2030
As part of the Toronto strategy update, Couche-Tard introduced new long-term financial guidance that replaces previous outlooks. The targets cover the period from the end of fiscal 2026 through fiscal 2030.
The company is aiming for consolidated same-store merchandise revenue growth of approximately 2 percent to 3 percent annually over the period. Total merchandise and services revenue is expected to grow at a compound annual rate of about 4 percent to 5 percent.
Adjusted profit is projected to grow at a compound annual rate of roughly 6 percent to 8 percent, while adjusted diluted earnings per share are expected to increase by 10 percent or more annually.
For fiscal 2026, the company expects free cash flow to exceed about US$2.5 billion. Management indicated that the cash flow will support both growth investments and shareholder returns.
The Fit-to-Serve program is also expected to play a major role in the financial outlook, with a targeted EBITDA contribution of approximately US$850 million by fiscal 2030 through cost discipline and operational improvements.
Management noted that the long-term guidance does not assume any major transformative acquisitions that would significantly alter the company’s portfolio, business segments or strategic direction. Instead, the projections are based on internal development initiatives, targeted investments, selective site acquisitions and franchise growth.
Assumptions and Execution Considerations
The company’s guidance is based on a series of operational and market assumptions. Internally, management expects to execute development initiatives in same-store operations and merchandising that improve growth and profitability.
The plan also assumes the company can capitalize on the nicotine transition, accelerate growth in beverage categories and continue advancing its food strategy. Fuel profitability is expected to be managed through supply chain optimization, pricing initiatives and network development.
On the investment side, the company expects to continue funding site expansions, distribution centres, electric mobility infrastructure, car wash programs, media platforms and technology systems. These investments are intended to support long-term growth and operational efficiency.
Externally, the company’s guidance reflects assumptions about fuel demand, competitive dynamics and broader economic conditions that affect consumer spending and traffic. Management also highlighted potential risks related to regulatory changes in nicotine categories, the energy transition in transportation fuels and general economic conditions.
Strategic Shift Toward Operational Focus
The Couche-Tard Core + More strategy signals a shift toward operational execution after years of growth driven by acquisitions. The company expanded significantly over the past decade, particularly under its Circle K banner, through major global transactions.
The new strategy suggests the next phase will be more about maximizing the performance of the existing network while adding targeted, high-return adjacencies. These include food, beverage alcohol, media and services that increase customer engagement and revenue per visit.
Couche-Tard’s renewed focus on operational execution also follows years of high-profile acquisition attempts, including its unsuccessful bid for Japan-based Seven & i Holdings, parent of the global 7-Eleven chain.
From an industry perspective, the roadmap aligns with broader trends in convenience and fuel retail. Operators are expanding food and beverage programs, monetizing store traffic through media, adding services such as electric vehicle charging and car wash, and using technology to personalize offers and optimize pricing.
Couche-Tard’s updated plan positions the company to focus on operational performance while building new revenue streams, reflecting a strategy designed to balance stability in core categories with selective investment in future growth.
